SELF-ASSESSMENT FOR STARTING A BUSINESS

Holly Sheriff MSLS • November 25, 2019

Aconducting  should be the first step for a lawyer or paralegal wanting to venture out on his or her own. Regardless, whether you want to start a firm or moonlighting as a freelancer you are starting a business.

Your self-assessment is a tool designed to help evaluate your personal traits. A business is more likely to succeed if you have an independent spirit and entrepreneurial traits, such as patience for uncertainty and risks associated with the pressures of constant professional and personal with starting a business.

COMPONENTS OF A SELF-ASSESSMENT FOR STARTING A BUSINESS

Your self-assessment should consist of an in-depth evaluation of several personality traits and other skills you will need for starting a business. The foregoing list is not meant to be all-inclusive – it is meant to be a starting guide.

  1. Broadmindedness Towards Risk. If you want to start a business or venture, you should understand the risks of not doing as well as another person in the same situation. Sometimes even the best ideal business ventures fail. You must understand and accepted the grim possibility your business idea might not do well.
  2. Management Skills . Every business owner on the planet must have management skills. Like it or not, you will need to know how to manage a business.
  3. Accountability . Accountability is vital to the overall success of your business. As an owner, you will need strong self-accountability skills or at least the willingness to learn them.
  4. Marketing Skills . Marketing is a crucial part of owning a business. You will need to know your level of skill and understanding of industry characteristics, client base, advertising, industry regulations, market growth, and trends.
  5. Financial . Understanding your financial situation will better prepare you for developing a solid financial start-up plan.

Your self-assessment will only be effective if you are open, honest, and on point with your current abilities and knowledge.   Keep in mind, everyone has some self-doubts, at some point. However, by completing an honest, open topic-driven skill assessment, you will have the knowledge you need to regain the confidence to keep moving towards your goal of owning a business.

Thanks for reading ! If you found this article helpful but need a little more information about how to start a law practice or freelance paralegal biz contact us , we can help!

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